Kasikorn Securities, or KS, said in an analysis that it maintains a positive view on the growth outlook for Synnex (Thailand), or SYNEX, in the second half of 2026 after attending the company's Partner Connect 2026 event on September 10, 2026. SYNEX estimates that Thailand's information technology spending in 2026 will be approximately 1.1 trillion baht, up 8.4% from the previous year, while Gartner data as of April 2026 showed device spending up 8.2%, IT services up 9.0%, software up 15.1%, and data center systems up 55.8%. The company expects sales of Apple products to grow from the previous year, driven by new products in the iPhone 18 Series, and maintains its 2026 sales target at 53 billion baht, up 12% from the previous year. KS expects SYNEX's sales in the third quarter of 2026 to grow both year-on-year and quarter-on-quarter, supported by still-strong hardware replacement demand in both the private and public sectors, together with higher average selling prices for Android smartphones and Apple products. It maintains a buy recommendation with a target price of 11.47 baht, viewing any share price weakness after the launch of new iPhone models as an opportunity to accumulate at 9.20 baht or below, which reflects SYNEX's lowest PER in 14 years. It expects normal profit in 2026 to grow 14%, while Core EPS over the three-year period has an average annual growth rate of 10.4%.
Synnex (Thailand) Public Company LimitedKS reiterates Buy with an 11.47 baht target price and expects 2026 normal profit to grow 14%.
Gartner Inc
Apple Inc.SYNEX expects Apple product sales to grow on new iPhone 18 Series, signaling strong end-customer demand for Apple devices in Thailand.
